It does somewhat remind me of a recent game I had where my opponent use Naturalize/Ancient Grudge on my lands with Liquimetal Coating. Later on in the game it wasn't just lands, it was any permanent. Man, that was an annoying game.

But that's a different combo. As for this card, I suspect it was pretty good in Limited. First of all, it can bounce itself. A 3-cost 2/2 is a little underpar but because it can bounce itself with Instant Arcanes like Consuming Vortex or Reach through the Mists can bounce it, getting it out of Harm's Way.

A pretty versatile card. It would require some deck building around this and other cards like it--but I could definitely see it working. 4/5